The Cost of Education
Today women have a higher likelihood than men of completing college and graduate school. Unfortunately graduation doesn’t guarantee financial stability. Student loans follow many graduates well into careers, and women face serious obstacles when it comes to debt repayment.
As women dedicate more of post-college earnings to monthly loan payments than men, they are paying from paychecks that often are significantly smaller than a man’s income. Paying loans from their limited resources leaves less money to save for other financial priorities, like buying a home or building retirement savings.
Fatima Goss Graves, vice president for education and employment at the National Women’s Law Center, recommends women pursue career options with salaries that will pay off. She points out that there aren’t enough women on the Science, Technology, Engineering and Math (STEM) track. By working in jobs with higher earning potential, women can be better prepared financially.